Bashir Nuhu, the spokesman for the liquidator appointed by NDIC, explained in a statement released on Sunday that the remaining 17.64% of insured deposits yet to be disbursed are primarily from depositors whose accounts have Post No Debits (PND) instructions or do not have Bank Verification Numbers (BVN).

Nuhu said the NDIC began the payment of the insured deposits of N5m maximum per depositor within a record time of four days of the bank closure using the BVN as a unique identifier to locate depositors’ alternate accounts in other banks.

“However, depositors with balances exceeding Five Million Naira have been paid the initial insured sum of Five Million Naira, while the remaining balances (classified as uninsured deposits) will be paid as liquidation dividends upon realization of the defunct bank’s assets and recovery of debts owed to the defunct bank,” the statement partly read.

“This unprecedented achievement of direct payment through BVN-linked alternate accounts without the need for depositors to visit NDIC offices or fill out forms, marks a historic shift for the NDIC in the prompt reimbursement of depositors with payment of about 82.36% of the total insured deposit to date.

“It is instructive to state that, the remaining 17.64% of the insured deposits yet to be paid were largely depositors whose accounts have post no debits (PND) instructions or have no BVN.

“Others are those with no alternative accounts in other banks or accounts with KYC limit on the maximum lodgment per day and are yet to come forward for verification.

“These category of depositors are presently being contacted by the Corporation through telephone calls and text messages to come forward for verification.”

“In this regard, the Corporation is already working assiduously to ensure that all depositors with amounts in excess of the maximum insured amount of N5 million are timely paid through liquidation dividend from realisation of the defunct bank’s assets.

“The Corporation has already initiated the process of debt recovery and realisation of investments and physical assets of the defunct bank to ensure timely reimbursement of the uninsured depositors of the defunct bank.

“Subsequently, after the full payment of both insured and uninsured portion of deposits, the Corporation will proceed with the payment of creditors in accordance with priority of claim as provided in the extant law,” the statement added.